On a Saturday broadcast of Fox News’ “Fox News Live,” Rep. David Kostoff (R-Tenn.) stated that while SVB was poorly managed and had unique issues, we have to consider that the crash may be partly a reflection For the “general state of the economy,” he said, “we also need to know where the regulators were, what they were focusing on, and why they failed to recognize this prior to the events of the last several days.”
Kustoff said there was “poor management by the bank and bank executives. But I think what separates this failure from what we’ve seen … In 2008, there are some unique and distinct issues with respect to the bank, certainly high-tech companies and deposits in Silicon Valley.” So this separates that from the failures of 2008. However, the fact of the matter is we have to keep in mind that the economics — this may be, in part, reflexive [of] The overall state of the economy, which I think most people in my area don’t think is as rosy as the Biden administration envisions. We also need to know where the regulators were, what they were focusing on, and why they failed to find out before the events of the last several days.”
He follows Ian Hanchett on Twitter @employee
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